25 October 2002, 15:48  UK economy picks up pace in third quarter

The British economy picked up pace in the third quarter as the services sector expanded and manufacturing began to recover. Gross domestic product grew 0.7pc in the third quarter from the second and 1.7pc from a year ago, according to the Office of National Statistics (ONS). This is faster than the 0.6pc and 1.6pc recorded in the second quarter and is slightly ahead of forecasts for sequential growth of 0.6pc. The third quarter growth figure also marks 10 years of uninterrupted growth for the UK economy
"In the third quarter, the output of the production industries is estimated to grow. Manufacturing and energy and water supply output increased," ONS said this morning. "Output of the service industries overall is estimated to have grown more strongly than in the previous quarter," it added. The report shows that the services industries - which covers everything from airlines and banks to hotels and restaurants - expanded by 0.8pc in the three months to September, compared to 0.6pc in the previous three months
The Bank of England revealed this week that three of its interest rate policymakers voted to cut rates two weeks ago. //www.fxcentre.com

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